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EBA publishes its assessment of European Secured Notes
July 24, 2018--The European Banking Authority (EBA) published today a report presenting the outcome of its assessment to the European Commission's call for advice on the European Secured Notes (ESNs).
In addition, it puts forward recommendations on key aspects for the European Commission to consider when possibly designing the legislative framework for SME ESNs.
SME ESNs, similar to covered bonds, could be structured as a dual recourse instrument.
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Source: EBA
Monday Morning Memo: European Fund-Flow Trends June 2018-Negative market sentiment takes a toll on mutual funds
July 23, 2018--European investors pulled back further from long-term mutual funds as the market environment and general sentiment turned negative. As a consequence, June was the second month posting net outflows from long-term mutual funds after 16 consecutive months showing net inflows.
That said, European fund promoters still enjoyed net inflows into mixed-asset funds (+€3.4 bn), followed by real estate funds (+€1.1 bn) and commodity funds (+€0.2 bn). In contrast, bond funds (-€15.0 bn) were the asset type with the highest net outflows from long-term mutual funds for the second month in a row, bettered by equity funds (-€11.0 bn), “other” funds (-€0.6 bn), and alternative UCITS funds (-€0.1 bn).
These fund flows added up to overall net outflows of €22.0 bn from long-term investment funds for June. ETFs contributed €0.9 bn to these flows.
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Source: Detlef Glow, Thomson Reuters
Canada has high levels of well-being and solid growth but trade tensions and housing market pose risks while inclusiveness could be improved
July 23, 2018--Canada is one of the OECD economies delivering the best outcomes for its citizens, according to a new OECD report presented in Ottawa today by OECD Chief of Staff and G20/G7 Sherpa Gabriela Ramos. Canada scores highly in all dimensions of the OECD's Better Life Index, especially in regards to self-reported well-being, personal security and health status.
Canada is also undertaking several programmes to foster inclusive growth-with respect to childcare benefits, gender equality and social housing-in line with the OECD Framework for Policy Action for Inclusive Growth.
The 2018 OECD Economic Survey of Canada finds the macroeconomic situation to be broadly favorable, with low unemployment, inflation on target and growth expected to remain solid over 2018-19.
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Source: OECD
New SPDR-ETF Launched on Xetra: Bond ETF Trades Emerging Market Government Bonds in Local Currency
June 23, 2018--Since Monday, a new exchange traded fund from State Street Global Advisors is tradable on Xetra and the Frankfurt Stock Exchange.
The SPDR Bloomberg Barclays Emerging Markets Local Bond UCITS ETF (Acc) gives investors access to liquid government bonds issued by emerging markets in their local currency.
The benchmark index contains both investment-grade bonds and bonds with a lower credit rating. The index components can have a fixed or variable interest rate.
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Source: Deutsche Börse Cash Market
Opus makes ETF debut with actively managed US small-cap ETF
July 23, 2018--Opus Capital Management has become the latest US investment advisor to enter the ETF space with the launch of the Opus Small Cap Value Plus ETF (OSCV US) on NYSE Arca.
The actively managed fund invests in a diversified portfolio of small-cap, dividend-paying US equities with strong growth potential, higher quality, and lower valuation.
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Source: etfstrategy.com
ESMA updates UCITS and AIFMD Q&As
July 23, 2018--The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers on the application of the Undertakings for the Collective Investment in Transferable Securities Directive (UCITS) and the Alternative Investment Fund Managers Directive (AIFMD).
The Q&A documents include new questions and answers on:
UCITS investing in other UCITS with different investment policies;
Calculation of issuer concentration limits pursuant to Article 52 of the UCITS Directive;
Reuse of assets by a UCITS depositary under
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Source: ESMA
SIX Swiss Exchange-ETF Market Report: 2nd quarter 2018
July 23, 2018--This report provides detailed figures regarding the performance of the ETF segment of SIX.
In Q2 2018, demand on the Swiss ETF market eased, as the latest ETF Market Report[pdf] shows. As a result, trading turnover fell to CHF 25.4 billion compared to the previous quarter. Following a very strong Q1, investors were more cautious, in particular with equity ETFs.
This was also reflected in the significantly lower number of trades. As a result, 253'605 ETF tickets were generated in Q2 2018, representing a decrease of 67'957 on the record Q1 level.
Compared to the same period of the previous year however, the number of ETFs trades has increased by more than 6%. The increase in lower value trades indicates increased interest on the part of private investors.
Record growth of new ETF listings
Growth in ETFs continued. Following the listing of 106 ETFs on SIX in the first quarter, the number of tradable ETFs surged by 73 in the second quarter. In the first half of 2018, 179 new ETFs found their way into trading on the Swiss stock exchange, setting a new record.
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Source: SIX Swiss Exchange
IMF Euro Area: Time to Tackle The Tough Challenges
July 19, 2018--The euro area economy is still in a good place. Growth remains strong, broad-based, and job-friendly, even if there are signs that it has peaked.
At the same time, risks are rising, including escalating trade tensions and policy complacency among euro area countries. Rebuilding fiscal buffers and addressing structural issues to improve resilience, and building support for euro area reforms is now even more urgent, says the latest economic IMF health check of the euro area.
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Source: IMF
IMF Country Report-Euro Area Policies: Selected Issues
July 19, 2018--ONG-TERM IMPACT OF BREXIT ON THE EU1
The integration of EU27 countries and the United Kingdom has strengthened over time, reflecting
shared gains from the EU's single market. Conversely, the departure of the U.K. from the EU (Brexit) will inevitably represent a loss for both sides. In this paper we use two approaches to
estimate these losses.
First, we create a multidimensional index that captures the depth and
evolution of integration between the U.K. and the rest of the EU, taking into account trade via
supply chains, financial linkages, as well as migration. We then use this index to estimate the average long-term impact of several Brexit scenarios.
Second, we use a standard multi-country and multi-sector computable general equilibrium (CGE) model to estimate country-and sectorspecific impacts from higher trade barriers between the U.K. and the rest of the EU countries. We find that the level of output of EU27 countries falls by between 0.06 and up to 1.5 percent in the long run. The range of estimates depends on whether we assume a "soft" or "hard" Brexit, or whether trade or other transmission channels are accounted for. These are likely losses that should be interpreted with caution, given the important uncertainty characterizing the empirical estimations. Moreover, there is substantial heterogeneity in the impact of higher trade barriers: countries such as Ireland, Netherlands, and Belgium are among the most affected in the simulations.
view the IMF Country Report-Euro Area Policies: Selected Issues
Source: IMF
Acreage Holdings Announces Closing of $119 Million Private Round-Largest in U.S. Cannabis History
July 19, 2018--The promoters of ETFs in Europe enjoyed net inflows for June. However, these inflows were not enough to offset the negative market impacts. As a result the assets under management in the European ETF industry decreased from €665.8 bn (as of May 31, 2018) to €660.4 bn at the end of June 2018.
The decrease of €5.4 bn for June was driven by the performance of the underlying markets (-€6.3 bn), while net sales contributed a positive €0.9 bn to the assets under management in the European ETF segment.
With regard to the overall number of products, it was not surprising that equity funds (€471.5 bn) held the majority of the assets, followed by bond funds (€156.5 bn), commodity products (€21.3 bn), "other" funds (€6.5 bn), money market funds (€3.4 bn), mixed-asset funds (€0.7 bn), and alternative UCITS products (€0.4 bn).
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Source: Detlef Glow, Thomson Reuters
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